Dubai World debt best settled in talks: DLA

From Chinapost.com.tw: Dubai World’s possible default on US$26 billion of debt would be best settled through “commercial negotiations” rather than in court as insolvency laws in the United Arab Emirates are not as developed as in the west, a partner at law firm DLA Piper Middle East LLP said.
Creditors and borrowers in the U.A.E. “do not have access to insolvency mechanisms or tools, such as receivership, administration or Chapter 11 protection to address potential default situations,” Tony Holland, a partner and regional head of finance at DLP Piper, said in a phone interview from Dubai today. “Commercial negotiation is seen as the preferred approach, rather than recourse to the courts.”………………………………Full Article: Source